This article is part of the series called Startup Hatch, about incubators and accelerators in the startup ecosystem.AngelPrime, a startup incubator focused on India-first, technology-based services, today announced that The Social+Capital Partnership, a Silicon Valley-based Venture Capital firm, led by former Facebook executive, Chamath Palihapitiya, has invested in AngelPrime. The investment will be used to finance the startup companies that AngelPrime will incubate and seed during the next 3 years.
Despite the recent uptick in technology-led entrepreneurship in India, truly world-class companies differentiated by high-end technology and serving India and other emerging markets are yet to emerge.
The Social+Capital Partnership is a stage agnostic, multi hundred million dollar fund focused on backing exceptional entrepreneurs in the areas of healthcare, education, financial services and Internet technologies. The Partnership’s investors are comprised of some of the world’s most renowned philanthropists, technologists and capitalists. The Social+Capital Partnership is based in Palo Alto, CA.
"Entrepreneurs can truly drive transformative change in society by innovative use of technology”, said Chamath Palihapitiya, Managing Partner of the Social+Capital Partnership. “The AngelPrime team has a track-record and ambitions of incubating great companies – and I’m pleased to support them in this quest."
“AngelPrime was formed with our passion for big, high-risk, high-reward plays”, said Shripati Acharya, Managing Partner of AngelPrime. “Having a partner like Chamath and Social+Capital gives us an important connect into the epicenter of technology startups, Silicon Valley. We’re delighted by his backing us.”
AngelPrime is a Bangalore-based technology startup incubator. Led by seasoned entrepreneurs and former volunteers of India’s prestigious Unique Identification initiative, Bala Parthasarathy, Shripati Acharya and Sanjay Swamy, the team has set out on an ambitious mission to build 3 great companies every year. AngelPrime offers entrepreneurs a combination of hands-on expertise, 1-4 crores (USD 200,000 to 600,000) of seed capital and physical and operation support infrastructure.
The AngelPrime team has already incubated three companies including Ezetap, a mobile payments company, Unamia, a children’s apparel company and ZipDial, a leading mobile marketing company.